Product description

Joseph Schumpeter was, beyond doubt, one of the most creative and influential economists of the 20th century. That influence has increased significantly since his death in 1950. Schumpeter directly addressed the central question of how some societies have managed to achieve substantial improvements in material wellbeing. His answer to wellbeing, with its emphasis on conditions favouring innovation, has become even more persuasive given the course of world history post-1945. Nathan Rosenberg argues that today Schumpeter speaks to the economics profession in an even more authoritative way for yet another reason. This book explores Schumpeter's views as an economist who was, long ago, committed to the notion of the endogeneity of technology. His mature writings offer illuminating historical analyses of how and why some social systems have managed to generate innovation. This element of his vision deserves far more attention than it has so far received, and this book redresses the balance. Moreover, bringing us up-to-date, Nathan Rosenberg explores the ways in which the concept of endogeneity illuminates recent American economic history.

Review quote

'As ever, Rosenberg's latest work shows his unerring grasp of the valuable and the insightful.' - Prof. G.N. von Tunzelmann, Research Policy

Table of contents

1. Joseph Schumpeter and the economic interpretation of history 2. Endogeneity in twentieth-century science and technology 3. American universities as endogenous institutions 4. Innovators and 'mere imitators' 5. Chemical engineering as a general purpose technology